Modular Medical, Inc. (NASDAQ:MODD) Sees Significant Growth in Short Interest

Modular Medical, Inc. (NASDAQ:MODD) was the recipient of a significant increase in short interest during the month of June. As of June 30th, there was short interest totaling 162,277 shares, an increase of 75.7% from the June 15th total of 92,368 shares. Currently, 3.2% of the shares of the stock are short sold. Based on an average daily trading volume, of 218,898 shares, the short-interest ratio is presently 0.7 days.

Analyst Ratings Changes

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Modular Medical in a report on Wednesday, June 24th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company currently has a consensus rating of “Sell”.

Institutional Trading of Modular Medical

Hedge funds have recently modified their holdings of the company. Bleichroeder LP grew its holdings in shares of Modular Medical by 41.9% in the fourth quarter. Bleichroeder LP now owns 2,859,581 shares of the company’s stock valued at $1,041,000 after purchasing an additional 845,000 shares in the last quarter. 683 Capital Management LLC raised its stake in Modular Medical by 79.4% during the fourth quarter. 683 Capital Management LLC now owns 1,762,103 shares of the company’s stock valued at $642,000 after purchasing an additional 780,000 shares in the last quarter. Jane Street Group LLC lifted its position in Modular Medical by 446.8% during the fourth quarter. Jane Street Group LLC now owns 163,952 shares of the company’s stock valued at $60,000 after purchasing an additional 133,969 shares during the last quarter. Finally, Perritt Capital Management Inc lifted its position in Modular Medical by 34.2% during the third quarter. Perritt Capital Management Inc now owns 85,000 shares of the company’s stock valued at $59,000 after purchasing an additional 21,675 shares during the last quarter. 27.47% of the stock is owned by hedge funds and other institutional investors.

Modular Medical Price Performance

Shares of MODD stock traded down $0.26 during trading hours on Friday, hitting $2.98. The stock had a trading volume of 118,736 shares, compared to its average volume of 169,028. The stock has a market capitalization of $16.12 million, a price-to-earnings ratio of -0.20 and a beta of 0.32. Modular Medical has a one year low of $2.81 and a one year high of $30.00. The stock’s 50-day moving average price is $4.38 and its two-hundred day moving average price is $7.47.

Modular Medical Company Profile

Modular Medical, Inc operates as a medical device company. It focuses on the design, development, and commercialization of insulin pumps. It offers MODD1, a two-part patch pump for type-1 and type-2 diabetes. The company is headquartered in San Diego, California.